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Charming Shoppes provides outlook for Q1 of fiscal 2009

Mar '08
Charming Shoppes Inc, a leading multi-brand, multi-channel specialty apparel retailer specializing in women's plus-size apparel, reported sales and operating results for the fourth quarter and fiscal year ended February 2, 2008. The Company also provided its initial earnings outlook for the first fiscal quarter ending May 3, 2008.

Thirteen Weeks Ended February 2, 2008:
For the thirteen weeks ended February 2, 2008, on a non-GAAP basis, excluding one-time charges, the Company reported a net loss before extraordinary gain of ($23.0) million, or ($0.20) per diluted share; on a GAAP basis, including one-time charges, the Company reported a net loss before extraordinary gain of $(128.7) million, or $(1.10) per diluted share. This compares to net income of $24.9 million or $0.19 per diluted share for the fourteen weeks ended February 3, 2007.

The non-GAAP operating results were in line with previously announced expectations. The GAAP results for the current period include non-cash asset impairment charges and non-cash write downs, primarily of store assets, in the amount of $105.7 million after-tax, or $0.90 per diluted share. Detailed information on the one-time charges may be found in the Company's GAAP to non-GAAP reconciliation, below.

Net sales for the thirteen weeks ended February 2, 2008 decreased 10% to $784.9 million, compared to net sales of $874.0 million for the fourteen weeks ended February 3, 2007. The extra week of sales in the prior year accounted for approximately 5% of the total sales for the period ended February 3, 2007.

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